SUI has been experiencing a strong decline as it struggles to maintain a strong support level. Analysts point out that the current decline has reinforced the bearish outlook and that the next strong area will determine the future direction. It has been reported that the future performance of the coin will depend on the current results.
At the time of writing, SUI is trading at $1.54, with a 24-hour trading volume of $1.62 billion and a market capitalization of $5.89 billion. Over the last 24 hours, the coin has fallen by 12.09%, reflecting ongoing selling pressure in the market.
SUI Slides After Missing Key Zone
Prominent crypto analyst, CryptoPulse, pointed out that SUI was following a bearish trend as the coin tested a critical zone of SBR (support and resistance) at $1.7-$1.9 two weeks ago. “The weekly close was expected to be decisive for SUI’s direction at that time,” CryptoPulse stated.
Unfortunately, the coin failed to get back above that level and has been falling about 15% since our last update, and the target of the sell-off seems to be around $0.5.
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SUI Faces Crucial Support Ahead of Next Move
Another analyst, BitGuru, also weighed in on the price action in SUI. After the strong bullish run, the coin had to undergo a consolidation phase before cleaning out the liquidity into the crucial demand area, BitGuru explained. It is important to see what happens at this stage since this area is commonly used as the foundation for the next possible bullish run.
Investors are also watching the coin action closely as a strong reaction at current levels of demand could indicate a possible turnaround, while a failure to hold support could spell more trouble for the coin. Analysts have pointed out that current price movements at key support levels could determine what happens to SUI in the coming weeks.
As the coin is undergoing crucial support, it is recommended that experienced investors as well as new investors keep a close eye on the market. The next market movement of the cryptocurrency will give investors crucial hints about the strength of the prevailing market trend as well as any chances of a rebound.
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